Kimisitu Sacco has posted a 22 per cent growth in net profits for the 2016/2017 financial year.
The Sacco registered a Sh100 million net profit from Sh440 million to Sh540 million in the period under review.
Sacco chairperson Janerose Mwangi said the profits were a result of returns from interests on loans advanced to clients.
Loan uptake went up by 24 per cent.
“We have registered an impressive performance in terms of growth of membership, assets, deposits and loans at a rate of 7.1 per cent 19.2 per cent 16.7 per cent and 24 per cent respectively. This is above the industry average rates.
In the same financial year, Kimisitu Sacco’s total asset base grew from Sh3.65 billion in 2015 to Sh4.35 billion in 2016 with stronger capitalisation recorded at 22.19 per cent growth on turnover,” said Ms Mwangi.
Banks must lend more to spur expansion
Members will now be paid dividends at a rate of Sh6 per share.
Principal Secretary for Co-operatives Ali Noor, who was the chief guest at the Sacoo’s Annual General Meeting, lauded its management for starting housing products for members dubbed “Makao Halisi”.